Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

CATL (300750 CH / 3750 HK): H1-26 Above Consensus; Record Buyback Reverses the Dilution Trade

CATL (300750 CH / 3750 HK): The Market Priced the AI Programme at Zero. We Agree.

CATL (3750 HK / 300750 CH): Stop Pricing It as a Battery Cyclical — Start Pricing the Grid

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

Contemporary Amperex Technology (3750 HK)

<ul>
<li>CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.</li>
<li>Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. </li>
<li>Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. </li>
</ul>


CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.
Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. 
Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. 


Contemporary Amperex Technology (CATL) (300750 CH)

CATL (3560 HK): Strong 1Q26 Results Mask a Strategic Pivot — Capital Raise Risk Is the Trade